We've got two triagles on different time frames. I'm gonna go through each of them in details. Make sure to read the whole text because they're two completely different stories!
Let's begin with 4H.
4h:
on 4H the price is gaining momentum upwards toward our PRZ zone. RSI is above 50 and pointing up, with Stochastic being in oversold area pointing up.
The blue box is a good candidate for our PRZ zone because it contains the following important levels:
- EMA200
- Fib 0.382 of wave 1
- Fib 0.786 of wave 2
The next bounces from the up and bottom sides of the inside triangle are merely assumptions. The next wave down could push the price out of the triangle, but since they haven't really been tested during the last wave up and down, I believe both sides of the triangle will be challenged once more before a break out of the inside triangle occurs.
Why do I assume the inside triangle is more likely to be broken downwards? Because the bull volume is too low compared to the bear volume. It gives me a vibe like the real bull volume isn't in play right now and bears are actually in control. Where is the real bull volume? I'll explain later in 1D.
1D:
The tirangle on the daily time frame is a whole different story.
The real volume is the one in big players' pockets. Their playground lies in higher time frames.
As you can see in the previous tirangles, the break out happend against the way the retailers accumulated their positions:
Retailers mostly accumulated Shorts > > Price goes up
Retailers mostly accumulated Longs > > Price goes down
This happens because the strategy of the big players (the exchanges) who manipulate the market, is to make their money by liquidating the retailers' positions. THEY ARE RESPONSIBLE FOR THE REAL VOLUME. THEY CAN PUSH THE PRICE WHEREVER THEY WANT. It only makes sense for them to push the price up and liquidate shorts when people expect it to go down and push it down and liquidate longs when the majority are on long positions.
Now look at the indicator for the current triangle:
SHORT POSITIONS ARE BEGIN ACCUMULATED AND THIS ACCUMULATION IS A BIG ONE!
Conclusion: The next wave will most probably be aiming at 13800 key level, although it's too soon to speculate any numbers now. Let's just accumulate against the majority and hope for the best!
Good luck!
**THIS IS NOT FINANCIAL ADVICE. SETUP YOUR TRADES BASED ON YOUR OWN ANALYSIS**
Let's begin with 4H.
on 4H the price is gaining momentum upwards toward our PRZ zone. RSI is above 50 and pointing up, with Stochastic being in oversold area pointing up.
The blue box is a good candidate for our PRZ zone because it contains the following important levels:
- EMA200
- Fib 0.382 of wave 1
- Fib 0.786 of wave 2
The next bounces from the up and bottom sides of the inside triangle are merely assumptions. The next wave down could push the price out of the triangle, but since they haven't really been tested during the last wave up and down, I believe both sides of the triangle will be challenged once more before a break out of the inside triangle occurs.
Why do I assume the inside triangle is more likely to be broken downwards? Because the bull volume is too low compared to the bear volume. It gives me a vibe like the real bull volume isn't in play right now and bears are actually in control. Where is the real bull volume? I'll explain later in 1D.
The tirangle on the daily time frame is a whole different story.
The real volume is the one in big players' pockets. Their playground lies in higher time frames.
As you can see in the previous tirangles, the break out happend against the way the retailers accumulated their positions:
Retailers mostly accumulated Shorts > > Price goes up
Retailers mostly accumulated Longs > > Price goes down
This happens because the strategy of the big players (the exchanges) who manipulate the market, is to make their money by liquidating the retailers' positions. THEY ARE RESPONSIBLE FOR THE REAL VOLUME. THEY CAN PUSH THE PRICE WHEREVER THEY WANT. It only makes sense for them to push the price up and liquidate shorts when people expect it to go down and push it down and liquidate longs when the majority are on long positions.
Now look at the indicator for the current triangle:
SHORT POSITIONS ARE BEGIN ACCUMULATED AND THIS ACCUMULATION IS A BIG ONE!
Conclusion: The next wave will most probably be aiming at 13800 key level, although it's too soon to speculate any numbers now. Let's just accumulate against the majority and hope for the best!
Good luck!
**THIS IS NOT FINANCIAL ADVICE. SETUP YOUR TRADES BASED ON YOUR OWN ANALYSIS**
Trade active:
First Target Reached.
Trade closed manually:
The inner triangle broke upwards. The chart isn't following my analysis. I close the idea at this point.
Trade closed: target reached:
As indicated in the analysis, 13.8K target is realized.
Apparently it's EMA100 who stopped the price from going any higher, not EMA200 as I expected. The rest of the analysis is considered unaffected.